Much appreciated. I am trying to do a special allocation for contribution of asset and the related Section 179 deduction. I have indicated in Sch K-1 Wks in the Special Allocations By Amount section and have added "A" and the dollar amount. For round numbers sake lets say vehicle purchased and fully 179 depreciated at $40K.
Problem 1-
Somehow my Sch K Reconciliation is showing the $40K in both the 4b- Guaranteed Pmt Capital and 4- Guaranteed Payments columns as well as in the 12- Section 179 Exp column. I feel like it should only be reflected in the only 4b or 4 but not both. I think it is appropriated represented in column 12. All three columns (4b, 4, 12) in review error out to "not equal to amount shown on Schedule K". Is lack or mis-coding of the allocation on K-1 worksheets causing the out of balance? On 1065 pg 4 do I need Guarantee Pmt amounts in section 4?
Problem 2-
On Analysis of Net Income, Line one shows $30K while 2b column (ii) shows $70K. The delta being the $40K related to asset contribution or 179 depreciation. I feel like the system is wanting me to put the $40K in 2a column (i) but the "Corporate" in column title doesn't make sense to me. How do I get the analysis to balance?
Greatly appreciate the help as I am definitely have been stuck on this for days.
